Ally, Synchrony, Citigroup and Bank of America have themes that will do well even if NIMs are squeezed.

This bias reflects four factors: 1) With the yield curve lower and flatter relative to last month, we expect to see continued pressure on bank net interest margins (NIMs). Similarly, we believe NIM guidance will reflect a lesser degree of expected monetary policy, an outlook already reflected in the fed-funds futures curve; 2) Loan...